Obtaining rental property can be incredibly rewarding. In some cases, you may wish to convert the home you are currently living in into a property that can be rented out. When you prepare your home to be a rental, there are several things that you have to keep in mind, as a rental property is different than a home. Many people consider only the physical aspects of the building, but there is much more involved in becoming a landlord. Here are some tips for preparing your home to be a rental property.
Insurance and Permits
Chances are that you have general homeowner’s insurance. However, this insurance won’t cover properties that are being rented out. Landlord insurance is absolutely vital to protect a rental property from devastating expenses. Many places will also require permits to ensure that the building is safe and continues to be safe. Familiarize yourself with the applicable laws in your area to make sure that you are following all of the necessary procedures.
Upgrade the Building
Any upgrades that you make to your rental property will cause the property to be more appealing to renters, as well as worth more money overall. Anything that is old or outdated should be updated. Additionally, make sure that you undertake regular inspections and perform any required repairs or maintenance. A fresh paint job is an incredibly cost-effective way to give a facelift to the property.
Cleanliness is incredibly important when it comes to preparing a home to be a rental. When you provide your tenants with an immaculately clean home, it will provide a standard of cleanliness for them to live by. We often recommend that you make a portion of the deposit non-refundable and explain to your tenants that it is because you want to provide the same level of cleanliness and quality to the tenants that come after them. Any necessary cleaning that goes above this amount will be taken out of the security deposit. You should also have the carpets cleaned regularly.
Make Important Decisions
There are many decisions that you will have to make prior to becoming a landlord. How much rent will you charge? Will you allow pets on your property? What will your occupancy limits be? Is smoking allowed in the building? These are just a few of the questions you will have to answer before you rent out your property. When you prepare properly, converting your home to a rental property can be a lucrative endeavor. To learn more about the best ways to accomplish this, contact our experts at the Keyrenter in Tacoma today.